Ethereum news: The price of ETH could fall to $1,400
Ethereum news: The price of ETH could fall to $1,400
Ethereum has been trading in a quite narrow range for the past two weeks, so investors are now keeping a close eye on the asset's price movement.
The price of the cryptocurrency has recently experienced a significant downtrend, which resulted in the breakout of several support levels, including the key 100 and 200-day moving averages.
This breakout also pushed the price below the previous major swing low of $1,625. Such a position strongly suggests a transition from an uptrend to a potential downtrend.
A detailed forecast of the value of this major altcoin is given in an article on the Traders Union website. Analysts have prepared a long-term forecast of Ethereum and predicted what the price of ETH will be in the coming days.
The price of the cryptoasset also suffered after the hacking of Vitalik Buterin's page on X (Twitter). The damage from the hacking of the page of the creator of Ethereum amounted to 700 thousand dollars.
In addition, crypto analyst Whale Alert (@whale_alert) reported that two anonymous wallets made large-scale Ethereum transactions to the major crypto exchange Coinbase on September 9.
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These transactions include transfers of 21,410 ETH and 21,439 ETH, each valued at nearly $35 million. After this move, the price of ETH dropped by 2%.
Most analysts believe that Ethereum's next move will be crucial for the cryptocurrency market for the rest of the year.
Ethereum peaked at around $1,670 and then began to decline. ETH is now trading in a bearish zone and could fall hard. A low is forming around $1,600, and the price is consolidating losses.
If ether fails to break the resistance at $1,620, the price may fall again. Initial downside support is near the $1,600 level.
Ethereum is the largest altcoin by market capitalization and has a significant impact on the price trajectory of other altcoins in the crypto market.
Read also: BTC price forecast – Bitcoin market at a crossroads.
